Overview The Peso is the foreign currency of the Philippines.
100(CAD) Canadian Dollar(CAD) To Philippine Peso(PHP) Currency Rates Today
All other currencies are moving in the same direction," he said. Tetangco said monetary authorities are not worried about the continued weakening of the peso against the dollar. From now until the US monetary policy meeting in December, Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, had told Rappler that "the dollar might remain above the P49 level due to rate hike expectations as well as political uncertainties in the US.
If US President-elect Donald Trump ramps up his country's infrastructure spending, Dumalagan said the dollar could breach the P50 mark, "as aggressive government spending could boost US inflation leading to potentially more US rate hikes next year. BSP chief Tetangco earlier said that the BSP could intervene if there is excessive volatility in the foreign exchange market.
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In recent times, the Philippines has been transitioning from a agricultural-based economy to one that increasingly relies on services and manufacturing. However the economy stagnated until the s, based on economic policies and political volatility, and other Asian countries surpassed the Philippines in terms of GDP growth.
In the s, a new program of economic liberalization was introduced, leading to economic recovery until the Asian Financial Crisis. The Spanish introduced coins to the Philippines when they colonized the country in However, the coins used by Filipino people were minted in various Spanish countries around the world, leading to major inconsistencies in purity and weight.
In , the first mint was established in order to standardized coinage. The United States captured the Philippines in , and established a new unit of currency that was pegged to exactly half of a US Dollar in The Central Bank of the Philippines was established in , leading to the reintroduction of a formal Filipino currency. Symbols and Names Symbols: Central Bank Bangko Sentral ng Pilipinas.